Cheonan and Asan cities in Chungnam Province are buzzing as they have been designated as specialized complexes in the display sector of the national advanced strategic industries supported by the government.
On the 20th, the government held the National Advanced Strategic Industries Committee meeting and selected seven specialized complexes for the three major national advanced strategic industries: semiconductors, displays, and secondary batteries. Notably, Chungnam Province, already recognized as a global core hub in the display sector, was the only applicant selected, with 10 industrial complexes in Cheonan and Asan covering 14.12 million square meters (4.28 million pyeong) designated as specialized complexes.
With this designation, Chungnam Province will receive benefits such as ▲priority allocation of government research and development (R&D) budgets ▲workforce training ▲support for innovation ecosystems including testbeds ▲expedited preliminary feasibility studies and permits ▲increased floor area ratio support. Additionally, aiming to establish an innovation cluster to secure a global technological lead in displays, a total investment of 325.8 billion KRW is planned by 2027.
The economic expectations are also significant. According to Asan City, this specialized complex designation is expected to enhance competitiveness in the display industry, attract investments of about 40 trillion KRW, and generate corporate commercialization sales of 165 trillion KRW. Furthermore, it is anticipated to create 32,108 new jobs and induce production effects worth 32 trillion KRW.
As expectations for regional revitalization through job creation rise, demand in the nearby housing market, which will benefit from this, is drawing considerable attention from buyers. Chungnam Province already hosts Samsung Display, the world’s number one display panel company, in Asan, and 757 related small and medium enterprises in Cheonan and Asan. As of 2021, more than half of Korea’s display production, amounting to 26.7 billion USD (51.3%), was produced in Chungnam, demonstrating significant job creation effects. The new designation is expected to further stimulate additional production.
Among the complexes attracting the most attention from buyers is ‘The Sharp Sinbu Centra.’ This complex is close to key industrial complexes such as Samsung SDI and Cheonan’s 2nd, 3rd, and 4th general industrial complexes, making it easy to secure a strong demand base. It is also within a 20-minute drive to Asan Display City, where large-scale Samsung investments are expected, making it one of the biggest beneficiaries of the national advanced strategic industries display sector specialized complex designation.
Moreover, The Sharp Sinbu Centra holds numerous other planned development benefits beyond the specialized complex designation. For instance, Samsung, recognized as a global leader, announced in April that it will invest 4.1 trillion KRW by 2026 in Asan, Chungnam, to produce the world’s first 8.6-generation IT OLED panels. Including OLED investments, Samsung plans to invest about 52 trillion KRW in the Cheonan and Asan areas to develop industrial complexes in fields such as secondary batteries and next-generation packaging and to attract companies.
Benefits from the Future Mobility National Industrial Complex are also anticipated. The Future Mobility National Industrial Complex will be developed on a 4.169 million square meter site in Sinbang-ri, Seonghwan-eup, Seobuk-gu, focusing on national strategic industries such as semiconductors and smart mobility. Starting in 2027, when the racecourse relocates, a project budget of 1.6 trillion KRW will be invested. Anchor companies expected include Samsung Electronics and SK Hynix.
In particular, the development of the Cheonan National Industrial Complex is expected to generate economic ripple effects including direct investments of 7.7 trillion KRW, production inducement effects of 14.2 trillion KRW, and employment inducement effects of 58,000 jobs.
The transportation network is well established, making travel around the area convenient. ‘The Sharp Sinbu Centra’ is close to Cheonan IC, Cheonan Express Bus Terminal, and Doojeong Station on Line 1, allowing faster and more convenient access to the metropolitan transportation network compared to other Cheonan and Asan areas. It also offers quick access to key industrial complexes such as Samsung SDI and Cheonan’s 2nd and 3rd general industrial complexes via nearby Cheonan-daero, Dongseo-daero, and Samsung-daero, providing a premium for proximity to workplaces. Additionally, Dankook University Cheonan Campus, selected as a Campus Innovation Park project university, is within a 10-minute walk or 2-minute drive from the main gate.
A sales official stated, “With the government’s designation of the national advanced strategic industries specialized complex, the area is recognized as a prime investment location backed by abundant demand, leading to a sharp increase in interest from buyers nationwide. Moreover, The Sharp Sinbu Centra is conveniently located with excellent living infrastructure and transportation conditions, making it the first mentioned beneficiary complex.”
The complex is being developed in Sinbu-dong, Dongnam-gu, Cheonan-si, Chungcheongnam-do, consisting of 9 buildings ranging from 2 basement floors to a maximum of 23 floors above ground, with a total of 592 units ranging from 59 to 150 square meters in exclusive area. Currently, first-come, first-served contracts with designated buildings and units are underway for unsold units. Immediate resale is possible upon contract, offering high liquidity, and a fixed first installment system is implemented with 5 million KRW for 59㎡ units and 10 million KRW for 84?101㎡ units, reducing the financial burden on buyers.
The Sharp Sinbu Centra’s model house is currently open for viewing.
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